Market UpdatesMy Thoughts March 9, 2023

First Recent Year Over Year Price Drop

King County held steady longer than surrounding areas, but marked a 7% year over year sales price reduction in February; according to the NWMLS.  This was the first monthly, year over year drop since May 2020.  Prices in 2022 continued to rise through the second quarter, so we will likely see this become a pattern.  In February, the median sales price in King County was $800,000.

For the same period, Snohomish County was $690,560; also down 7%.

Pierce County was down 1% at $529,900 and Kitsap County down 5% at $499,995.